November 15, 2023
The co-founders of the crypto analytics firm Glassnode believe that Bitcoin (BTC) and altcoins are preparing for a significant upward movement. In this article, we will explore the key points shared by Glassnode co-founders Jan Happel and Yann Allemann, and discuss the potential implications for the market.
Happel and Allemann highlight that both Bitcoin and Ethereum (ETH) have recently displayed bull flag patterns. A bull flag pattern typically indicates that an uptrend, which was interrupted by a temporary price decline, is likely to resume. This observation suggests that the overall market sentiment for these cryptocurrencies is positive.
The market capitalization of altcoins has formed a bullish rounding bottom, according to the co-founders. This pattern, commonly found at the end of a prolonged downward trend, signifies a potential reversal. The formation of a bullish rounding bottom indicates that altcoins may be entering a new bull market.
The Glassnode co-founders also speculate on Bitcoin's future trajectory. They suggest that Bitcoin could experience an upward movement following the release of the new US Consumer Price Index (CPI) data, which is expected to show a cooling inflation rate. Higher inflation typically increases selling pressure on risk assets like Bitcoin. Therefore, if the CPI data confirms a lower inflation rate, it could positively impact Bitcoin's price.
At the time of writing, Bitcoin is trading at $35,597, reflecting a 2.2% decrease in the last 24 hours. It is important to note that cryptocurrency prices are highly volatile and can fluctuate rapidly.
In conclusion, Glassnode's co-founders believe that Bitcoin and altcoins are setting the stage for a parabolic move. The presence of bull flag patterns and a bullish rounding bottom suggests a positive market sentiment. Additionally, the upcoming US CPI data could potentially influence Bitcoin's price trajectory. However, it is crucial for investors to conduct their own research and exercise caution when making investment decisions in the cryptocurrency market.